PHILIP MORRIS DELAYS TALK OF KRAFT SPINOFF

The future of Kraft General Foods Inc. remained unclear after a board meeting of New York-based parent Philip Morris Cos. that lasted an unprecedented 61/2 hours.

The board of directors debated whether to split the company's food operations, which include Northfield-based Kraft and Madison, Wis.-based Oscar Mayer Co., from its beleaguered tobacco business. Speculation that the company may take such an action to bolster its bottom line had spread through the investment community for weeks, especially after Philip Morris stockholders expressed concern about the company's battered stock price. Several corporate decisions, including one to cut prices on its premium-brand cigarettes, as well as a proposed increase in federal cigarette taxes, have pressured the stock for the last 15 months.

During the meeting, however, the board named two vice-chairmen, one for tobacco and one for food, which fueled speculation that the company eventually will be split.